TORONTO, Nov. 04, 2022 (GLOBE NEWSWIRE) -- VitalHub Corp. (the “Company” or “VitalHub”) (TSXV: VHI) (OTCQX:VHIBF) is pleased to announce today that it has acquired certain assets to maintain the business of Advanced Digital Innovation (UK) Limited trading as “ADI Health” with the product widely known as “MyPathway” (the “Acquisition”).
The assets were sold to two of VitalHub’s wholly-owned subsidiaries, MyPathway Solutions Limited and Intouch with Health Limited (“Intouch”) after ADI Health was placed into Administration by its directors after over £3 million pound sterling had been invested into the development of the technology since 2020. VitalHub will be making various payments totalling approximately £250,000 in cash to complete the transaction.
The transaction includes seven NHS customers across England and Wales novated to Intouch, who will ensuring there is no interruption to existing services. The seven customers represent an annualized recurring revenue (“ARR")(1) of £373,609. Not included in the previous ARR figure is professional services work that was historically billed to customers and will continue to be offered. Six of the employees along with other services were transferred to VitalHub to ensure continuance of services.
ADI Health developed the “MyPathway” digital health platform which is used to improve patient interactions during treatment for long term conditions as well as those individuals visiting acute facilities for shorter term elective or outpatient services. “MyPathway” supports the entry point of a patient’s journey through a facility including ongoing communications between patient and clinical teams prior to, during, or after a visit. VitalHub views this acquisition as highly synergistic with the Intouch and Synopsis patient flow solutions and Hicom’s Diamond and Twinkle diabetes-oriented solutions.
“MyPathway” is a straightforward, adaptable patient engagement platform, that puts the patient at the centre of their healthcare journey. The “MyPathway” platform offers functionality which will greatly benefit VitalHub, including:
- Appointment Management with reminders and other relevant information
- Digital Letters
- Digital Triage
- Patient Cohort Management to search for cohorts of patients and action specific activities or send bulk messages
- Remote Monitoring
- Self-referral by patients
- Supported Self-Management which empowers patient to manage their ongoing conditions themselves
- Virtual Clinics
Dan Matlow, VitalHub CEO, commented on the Acquisition, stating,
“This acquisition synergistically strengthens our existing digital patient flow offerings, through the addition of a patient engagement platform that enables the patient to more fully participate in their care journey,” said Dan Matlow, CEO of VitalHub Corp. "Adding 'MyPathway', ADI Health’s flagship product, alongside our award-winning products from Intouch with Health and Synopsis, complements and extent the breadth of our existing offerings, further positioning VitalHub as the UK leader for digital patient flow solutions.”
“We are very pleased to have found a partner in VitalHub and we look forward to our new journey as part of VitalHub UK. We believe the integration with VitalHub’s broader product suite of software enriches ADI Health’s existing Business, providing the opportunity to improve patient pathways and significantly elevate the patient experience,” said Judith Clarkson, Commercial Director of MyPathway.
(1) The Company defines annual recurring revenue (ARR) as the recurring revenue expected based on yearly subscriptions of the renewable software license fees and maintenance services.
Software for Health and Human Services providers designed to simplify the user experience and optimize outcomes.
VitalHub provides technology to Health and Human Services providers including Hospitals, Regional Health Authorities, Mental Health, Long Term Care, Home Health, Community and Social Services. VitalHub solutions span the categories of Electronic Health Record (EHR), Case Management, Care Coordination & Optimization, and Patient Flow & Operational Visibility solutions.
The Company has a robust two-pronged growth strategy, targeting organic growth opportunities within its product suite, and pursuing an aggressive M&A plan. Currently VitalHub serves more than 400 clients across Canada, USA, UK, Australia, the Middle East, and Europe.
VitalHub is based in Toronto, Canada, with an offshore development hub in Sri Lanka. The VitalHub team comprises more than 300 team members globally. The Company is publicly traded on the Toronto Stock Exchange (TSX) under the symbol "VHI" and on the OTC Markets OTCQX Exchange under the symbol “VHIBF”.
Chief Executive Officer, President
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